By tweeting the news published in a foreign journal about the economy, senior BJP leader Subramanian Swamy said that those who think Modi is a global leader in India, this is for them. The headline of the news is “The burden of inflation on India’s economic growth”. India’s economy grew 4.1% in the fourth quarter compared to the same period last year, the news reported, as rising inflation prevented a more robust recovery from its slowdown during the pandemic.
However, many users have commented on Subramanian Swamy’s tweet. Food prices are rising sharply in India and much of the developing world, after Russia’s invasion of Ukraine disrupted exports of wheat, sunflower oil and corn, according to the news. Rising costs in India have weighed on consumer spending, which is the main engine of growth in the world’s sixth-largest economy.
On this, on Subramanian Swamy’s opinion about PM Modi, a user CA Vikram Biyani @CAVikramBiyani wrote, “Save my tweet. Narendra Modi ji will be the golden boy of the world. The world will recognize him as the Golden Leader. Maybe you have a lot of heartache because you are out of politics. Atal ji’s soul will be happiest right now. God bless you and your thoughts.”
India’s economy grew 4.1% in the fourth quarter compared with the same period last year, as rising inflation weighed on consumer spending https://t.co/Tx3MUwEjQ8 via @WSJ : For those in India who think Modi is global leader.
— Subramanian Swamy (@Swamy39) June 1, 2022
Another user named sonny california @desicounty wrote, “And what does this have to do with Modi being a global leader? Real inflation is 15% here in the US and higher in Europe. (8.5% number is bogus as gas is up 50%, cars are up 20%, housing is up 20%, milk is up 10-15%) ..” Ivar @ivarck wrote, “Sunny, you nailed the heads of many To drub.”
Arbind Bose @ArabindaBose wrote, “Self-proclaimed heavyweight economists always find fault with Modi but Indians love him and so do world leaders.”
On Tuesday, India reported 8.7% GDP growth for the full financial year as compared to the previous year as well as the quarter ended March 31, the news said. India’s central bank lowered its forecast for the current fiscal year to 7.2 from 7.8% in April.
The South Asian nation has now almost completely lifted domestic COVID restrictions, allowing businesses and travel to operate seamlessly. But the economy is struggling to recover from a major pandemic-induced recession. Economists say employment growth has been weak and inflation has become a major problem.